Introduction
24 projects raised $207 million this week, led by OpenMind ($20M) and SuperGaming ($15M), while Verb, CEA Industries, Satsuma, and ZOOZ announced over $1.46 billion in digital asset treasury allocations. Phantom acquired Solsniper and Ripple acquired Rail, and Scenius Capital and Victus Global launched new venture funds totaling $30 million. Kyle framed Internet Capital Markets as a sign of crypto’s maturation toward institution-grade primitives, Dan Robinson argued the Senate’s ancillary asset bill offers clearer protections for DeFi, and Diogo Mónica highlighted Generative Finance as an opportunity for AI-powered, programmable financial products. Here’s the breakdown of this week’s top deals and insights.
Key Highlights
- Notable Deals: OpenMind ($20M), SuperGaming ($15M), BOB ($9.5M), Perle ($9M), Euphoria ($5M), BlindPay ($3.3M), Levr.Bet ($3M), Doppler Finance ($3M), and Hylo ($1.5M).
- Digital Asset Treasuries: Verb ($558M for TON), CEA Industries ($500M for BNB), Satsuma ($217.6M for BTC), and ZOOZ ($180M for BTC).
- M&A Activity: Phantom acquired Solsniper, and Ripple acquired Rail.
- Funds: Scenius Capital VC Fund ($20M) and Victus Global Fund ($10M) launched.
- VC CT: Kyle described Internet Capital Markets as crypto’s evolution from memes to institution-grade primitives; Dan Robinson backed the Senate’s ancillary asset bill as a clearer safeguard for DeFi; and Diogo Mónica positioned Generative Finance as a near-term frontier for AI-driven, programmable financial products.
Notable Deals
24 projects collectively raised $207 million last week. Here are the nine that stood out:
- The Pitch: Developing OM1, an open-source OS for AI agents and robots, and FABRIC, a decentralized network for coordination and trust
- Round: $20 million funding
- Investors: Led by Pantera Capital with participation from Coinbase Ventures, Digital Currency Group, Amber Group, Ribbit Capital, and more
- The Pitch: An India-based game development studio behind titles Indus and MaskGun
- Round: $15 million Series B
- Investors: Led by Skycatcher and Steadview Capital, with participation from a16z crypto, Polygon, Sandeep Nailwal, Santiago R Santos, and more
- The Pitch: A hybrid L2 platform for building Bitcoin-native tokens and apps
- Round: $9.5 million Strategic
- Investors: CMS Holdings, IOSG Ventures, Hypersphere Ventures, Amber Group, Castle Island Ventures, and more
- The Pitch: A provider of modular AI training data solutions
- Round: $9 million Seed
- Investor: Led by Framework Ventures
- The Pitch: A MegaETH-based mobile app that aims to simplify crypto derivatives trading
- Round: $5 million Seed
- Investors: Led by Karatage with participation from Robot Ventures, Santiago R Santos, Figment Capital, Kain Warwick, Bankless Ventures, and more
- The Pitch: A provider of stablecoin payment APIs for compliant, instant global transfers across fiat and blockchains
- Round: $3.3 million Seed
- Investors: Y Combinator, 468 Capital, Transpose Platform, Bitso, and more
- The Pitch: A decentralized leveraged sports betting exchange
- Round: $3 million Seed
- Investors: Led by Blockchain Capital and Maven 11, with participation from Kosmos Ventures
- The Pitch: A DeFi protocol built on XRP Ledger
- Round: $3 million Seed
- Investors: Led by Reforge with participation from Digital Currency Group, Hashkey Capital, GSR, Tenity, Maven 11, and more
- The Pitch: A DeFi platform on Solana offering hyUSD (LST-backed stablecoin) and xSOL (leveraged SOL exposure)
- Round: $1.5 million Seed
- Investors: Led by Robot Ventures with participation from Solana Ventures, Colosseum, Anna Yuan, and more
Digital Asset Treasuries
In recent months, onchain treasury activity has accelerated, with corporate and structured vehicles increasingly accumulating tokens at scale. Here are notable examples from the past week:
- The Pitch: Verb Technology Company, Inc. (Nasdaq: VERB) announced plans to rebrand to TON Strategy Co. (TSC) and become the first publicly traded treasury reserve of Toncoin (TON).
- Round: $558 million private investment in public equity (PIPE)
- Investors: Animoca Brands, Pantera Capital, ParaFi Capital, Arrington XRP Capital, Kenetic Capital, MEXC Ventures, Ribbit Capital, and more
- The Pitch: CEA Industries (Nasdaq: BNC) plans to rebrand to BNB Network Company and become BNB’s largest U.S. publicly traded treasury reserve.
- Round: $500 million private investment in public equity (PIPE)
- Investors: Led by YZi Labs with participation from Pantera Capital, GSR, Borderless Capital, Arrington XRP Capital, Hypersphere Ventures, and more
- The Pitch: Satsuma Technology (LSE: SATS) raised a secured convertible note round to expand its bitcoin treasury and decentralized AI operations.
- Round: $217.6 million secured convertible loan note
- Investors: Digital Currency Group, Pantera Capital, Borderless Capital, ParaFi Capital, Hypersphere Ventures, Kenetic Capital, Kraken Ventures, and more
- The Pitch: ZOOZ Power Ltd. (Nasdaq/TASE: ZOOZ) completed its initial private placement as the first step toward becoming the first dual-listed (Nasdaq and TASE) company to adopt Bitcoin as a treasury reserve.
- Round: $180 million Initial Private Placement
M&A Activity
Phantom acquired Sol Sniper
Phantom acquired Solsniper, a high-speed trading and analytics platform on Solana, to enhance its offering for advanced traders and accelerate its transition from wallet to full-stack consumer finance platform. The deal brings Solsniper’s precision trading tools and veteran crypto team into Phantom, enabling new feature development and expanding its reach to power users. The acquisition marks Phantom’s first major step in a broader strategy to scale onchain finance through product-driven M&A.
Ripple acquired Rail
Ripple acquired Rail, a stablecoin payments platform, for $200M to expand its leadership in digital asset infrastructure. The deal enhances Ripple’s offering with virtual accounts, stablecoin on/off-ramps, and back-office automation, positioning the company to capture rising demand for global B2B stablecoin flows.
Funds
Scenius Capital VC Fund – $20M
Scenius Capital has closed a slightly oversubscribed $20 million fund of funds to back emerging crypto venture managers, focusing on smaller early-stage funds with domain, geographic, or ecosystem-specific advantages. The raise, completed in a challenging fundraising environment, coincides with ParaFi Capital taking a strategic stake in the firm to support its growth and the launch of a token capital markets advisory arm.
Victus Global Fund – $10M
Victus Global launched a $10 million investment fund targeting low-cap crypto projects with proven traction, focusing on second-round financing within its ecosystem and partner network. The fund marks the firm's evolution from institutional trading and OTC services to full-stack digital asset investing.
VC CT: What VCs are saying on Crypto Twitter
- Argued that Internet Capital Markets represent a maturing phase of crypto speculation, where onchain assets and capital formation mechanisms evolve from vaporware and memes to durable, institution-grade financial primitives.
- Advocated for the Senate’s ancillary asset approach to crypto legislation as a clearer, more workable framework than both the Howey test and the House’s CLARITY Act, emphasizing its potential to protect DeFi and foster sustainable innovation.
- Outlined a near-term vision for Generative Finance, where programmable tokens and AI enable customizable financial products, framing it as crypto’s adjacent possible rather than a distant future.
Quick Recap
- Total Deals: 24
- Total Raised: $207M
- Digital Asset Treasuries: $1.46B
- Acquisitions: 3
- Newly Launched Funds: Scenius Capital VC Fund ($20M) and Victus Global Fund ($10M)
That’s a wrap for this week’s Crypto Venture Weekly. Thanks for tuning in, and see you next week!
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